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supply to rescue the plummeting economy. but in late 1980, the situation changed. the election of ronald reagan gave volcker the opportunity to return to his long-term plan. as part of his economic program, reagan encouraged and supported monetary restraint. but in 1981, restraint began to take its toll. high interest rates caused a collapse in the building industry. the high cost of consumer loans put auto dealers out of business and auto workers out of jobs. still, volcker held to his long-term course. consolidating and extending the heartening progress on inflation will require a continuing restraint on monetary growth, and we intend to maintain the necessary degree of restraint. schoumacher: by 1982, the economy had fallen into the deepest recession since the great depression. even the reagan administration was urging the fed to relent. but volcker and the fed board, determined to bring inflation down, held tight. finally, in late 1982, the fed saw inflation drop substantially and eased the money supply. this last week, the federal reserve bank decided to lower its discount rate to 9
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